Why do some building societies have special 50 or 60 plus accounts ?

wombat42_2

Is there any financial benefit to the building society ?

Rafter

Over 80% of the wealth in the country is owned by people in their 50's and 60's because the others are all working to pay taxes or still have moregages so cannot afford to save.

So banks and building societies take deposits from this group and then lend it to people and companies who want loans and mortgages.

So there is no tax or other financial benefit of offering special accounts to these groups and it is more a marketing technique to attract the customers who have the most funds.

R.

baby_boomer

Building Societies know that these people are less likely to be MSE rate tarts, so they target them with an average rate account while making them feel "special" by call it a 60+ account.

I'm afraid anyone who falls for this society propaganda gets the interest rate they deserve.

Thank goodness the number of "silver surfers" is growing rapidly .

barak

baby_boomer wrote: »

Building Societies know that these people are less likely to be MSE rate tarts, so they target them with an average rate account while making them feel "special" by call it a 60+ account.

I'm afraid anyone who falls for this society propaganda gets the interest rate they deserve.

Thank goodness the number of "silver surfers" is growing rapidly .

I don't mind propaganda offering rates of 6.30% 6.40% and 6.50% available from Coventry and Northern Rock which are not average and remain attractive while they last!

RayWolfe

Rafter wrote: »

Over 80% of the wealth in the country is owned by people in their 50's and 60's because the others are all working to pay taxes or still have moregages so cannot afford to save.

So the oldies don't pay taxes eh?
So the oldies didn't save whilst they were younger AND paying mortgages AND paying taxes?
How then, did they get to own 80% (?) of the wealth?

Old_Slaphead

And we're stockpiling Werthers Originals in case there's ever a shortage !!

Ian_W

Ray, that really made me :rotfl::rotfl::rotfl:

Now there's a party I'd vote for -

No tax for the over 50's
and
Werthers Originals on free prescription from the NHS!

Come on Cool Dave, you know it makes sense! :cool:

MarkyMarkD

Paying good rates to old people is no different to paying rates to young people - both are merely marketing techniques. By offering something special to particular segments of society they feel they are getting something special (because they are) and hence buy the product.

A cynic might suggest, as baby_boomer does, that old people are targeted because they are less likely to be rate tarts. I don't agree. Retired people have a lot more time to pay attention to interest rates on their savings than those who have to go out to work and juggle children and other responsibilities.

codger

MarkyMarkD wrote: »

Paying good rates to old people is no different to paying rates to young people .

OI! Enough of the "old people" carp.

I've got a Senior Railcard and no, I don't need assistance with my baggage, or getting on and off a train either here in the UK (where, admittedly, there aren't many that actually run) or mainland Europe.

And Mrs Codger could push her Zimmer frame (if she had one) faster than any spotty oik who never went to San Francisco with flowers in their hair. Or even, the Isle of Wight.

The actual reason why so many outfits offer handsome, astute, mature former hippies and ex-revolutionaries such good financial deals is simple.

We're very nice.


:j

chesky369

Except of course, they're not the best financial deals right now. (and I don't just mean the northern rock 'troubles')
There are pretty good rates for any aged client, if you look for them.

MarkyMarkD

codger wrote: »

OI! Enough of the "old people" carp.

OK, old codgers then.